$26M ENA Token Transfer Sparks Muted Market Reaction
A large transfer of $26.41 million worth of ENA tokens from Coinbase custody to a personal wallet has raised concerns about market distribution, but the reaction was muted.
The transaction saw 290 million ENA tokens moved to a wallet with a history of sending tokens to exchanges, but traders did not immediately respond with aggressive selling.
Instead, market activity suggested participants waited for confirmation before adjusting their positions. The transfer also arrived while ENA traded near an important resistance zone, increasing attention on whether buyers could absorb any incoming supply.
Despite the large custody transfer, exchange flow data painted a more balanced picture at press time, with spot outflows exceeding inflows and reducing immediate exchange supply.